Salomon: U.S. leads decline in E&P spending

E&P Spending Outside North America [252,022 bytes] Canadian E&P spending [197,938 bytes] Breakout of U.S. spending [336,985 bytes] Worldwide exploration and production expenditures are in the most severe contraction since 1986, says Salomon Smith Barney, New York. According to the firm's annual survey of upstream spending, global E&P outlays will decline by 11% in 1999 from 1998's level. "This will be...only the second time in the 38 years for which we have reliable data that spending will decline by over 10% from the prior year," said the analyst. "It will also mark the reversal of 6 years of growth in demand for the oil industry. Furthermore, t...

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